U.S. stock futures experienced a slight decline on Friday as investors awaited the release of key economic data and a potential Supreme Court ruling regarding former President Trump's tariff policies.

As of the latest update, Nasdaq futures were down 0.2%, while S&P 500 futures and Dow Jones Industrial Average futures also fell by 0.2% each.

Traders are anticipating the U.S. fourth-quarter Gross Domestic Product (GDP) report to gauge the health of the economy. Economists surveyed by Dow Jones expect real GDP to have grown by 2.5%, following a stronger-than-expected 4.4% increase in the third quarter.

The Personal Consumption Expenditures (PCE) price index report, the Federal Reserve's preferred inflation gauge, is also due for release. Economists polled by Dow Jones forecast that the headline PCE index will have risen 2.8% year-over-year, while the core PCE index, which excludes volatile food and energy prices, is expected to have increased 3%.

There is a divergence among Fed policymakers: some officials are concerned about labor market support, while others are more focused on inflation. Although price increases have generally trended downward, the inflation rate remains above the Fed's 2% target. The minutes from the January Fed meeting indicated that some officials require further evidence of cooling inflation before voting in favor of additional interest rate cuts.

A highly anticipated Supreme Court ruling is also expected on Friday. Wall Street widely anticipates that the Court will issue a decision on the legality of Trump's tariffs, which were implemented under the International Emergency Economic Powers Act. Most traders believe that a ruling against the tariffs would elicit a positive market reaction—even if expectations are that the White House would seek alternative means to reimpose tariffs in the future. The Supreme Court does not announce rulings in advance and is also scheduled to issue decisions next Tuesday and Wednesday.

"We believe the market is currently in a holding pattern, awaiting the next catalyst," said Paul Stanley, Chief Investment Officer at Granite Bay Wealth Management. He suggested that the Supreme Court decision, along with Nvidia's earnings report next week, could trigger near-term market volatility.

"While the S&P 500 is flat year-to-date, the Nasdaq is down so far this year, indicating a rotation and broadening of market participation—a positive sign for investors," he added.

On Thursday, the S&P 500 closed nearly 0.3% lower, leaving it little changed for the year. The Nasdaq Composite fell 0.3% during regular trading, and the Dow Jones Industrial Average dropped 267 points, or 0.5%.

Tensions between the U.S. and Iran escalated after Trump stated he would decide within the next 10 days whether to launch a military strike against Iran. Oil prices rose amid fears of an attack.

For the week so far, the S&P 500 is on track for a modest 0.4% gain. The tech-heavy Nasdaq is poised to end a five-week losing streak, having risen 0.6% through Thursday. The Dow, however, is expected to post a 0.2% weekly decline.

Goldman Sachs: Gold Prices to Gradually Climb to $5,400 by Year-End. Goldman Sachs projects that gold prices will rise steadily, reaching $5,400 per ounce by the end of 2026, with diversification strategies providing upside potential.

The firm also expects central bank gold purchases in 2026 to accelerate at a pace similar to that seen in 2025. Its core view is that central bank demand, combined with increased holdings by private investors—primarily in response to expected Fed rate cuts—will support a steady upward trend in gold prices.

Goldman noted that if private-sector diversification efforts—particularly through call option structures—increase, the market could face significant upside risks. Additionally, while the medium-term trend remains upward, considerable volatility may occur.

JPMorgan: Tariffs Severely Impact U.S. Mid-Sized Businesses. A report released on the 19th by the JPMorgan Institute indicates that U.S. mid-sized businesses have been severely affected by tariffs, with their monthly tariff expenses tripling since early 2025.

The report shows that monthly tariff spending by these firms began rising sharply in April 2025, reaching roughly three times pre-April levels by August, and has since remained elevated.

Overall, tariffs account for approximately 10% of all international outlays by U.S. mid-sized businesses. For those firms actually paying tariffs, the proportion of tariff costs relative to their international expenditures has risen to about 15%.

Citing recent research, the report concludes that U.S. businesses and consumers bear 96% of tariff costs. Separate research indicates that, as of last October, 43% of tariff costs had been passed through to consumer prices, suggesting that the majority of the burden falls on businesses—a situation that is unsustainable in the long run.

Focus Stocks: GRAIL, Inc. shares plummeted 47% premarket after the company announced that a clinical trial for one of its drugs failed to meet its primary endpoint, showing no statistically significant reduction in Stage III–IV cancer.

Blue Owl Capital Inc. fell nearly 3% premarket, extending losses after a 5.9% drop the previous day. The private equity and alternative asset management firm recently sold $1.4 billion in loans.

Opendoor Technologies Inc. surged 19% premarket. The residential real estate platform reported fourth-quarter revenue of $736 million, surpassing the Refinitiv consensus estimate of $549 million. The company expects first-quarter adjusted EBITDA loss in the low-to-mid $30 million range, compared to a FactSet consensus expectation of a $32.2 million loss.

Akamai Technologies declined about 10% premarket due to weaker-than-expected first-quarter guidance. The cloud computing company projected adjusted EPS between $1.50 and $1.67, below the Refinitiv analyst consensus of $1.75.

Copart fell 7% premarket. The online vehicle auction company reported fiscal second-quarter EPS of 36 cents, down 10% year-over-year and missing the FactSet consensus of 39 cents. Revenue came in at $1.12 billion, also below the expected $1.15 billion.

Dropbox Inc. dropped 4% premarket. The cloud storage firm reported Q4 adjusted EPS of 68 cents, slightly above the Refinitiv expectation of 67 cents, and revenue of $636 million, beating the consensus estimate of $629 million. However, the results still disappointed investors.

Texas Roadhouse gained nearly 4% premarket. The casual dining chain reported an 8.2% year-over-year increase in same-store sales for the first seven weeks of fiscal 2026 and plans to raise menu prices by 1.9% in early April.

AppLovin Corporation rose 4% premarket as the ad-tech company announced plans to launch its own social media platform.

Live Nation Entertainment climbed 1% premarket after the live music events operator reported strong fourth-quarter results, with revenue of $6.31 billion exceeding the Refinitiv analyst consensus of $6.11 billion.

Comfort Systems USA advanced 4% premarket. The HVAC and electrical services provider reported Q4 EPS of $9.37, beating the FactSet estimate of $6.75, and revenue of $2.65 billion, well above the market expectation of $2.34 billion.

Newmont Mining declined 3% premarket. The mining company reported adjusted EPS of $2.52, above the StreetAccount estimate of $2.04, and announced record free cash flow of $7.3 billion.

Chemours Company fell 10% premarket. Excluding certain items, the industrial and specialty chemicals firm posted Q4 EPS of 5 cents, missing the FactSet consensus of 7 cents, while revenue of $1.33 billion matched market expectations.